Answer:
c. 8 months.
Step-by-step explanation:
First let's break down all the expenses and taxes to come up with how much we save each month and subtract it to our total salary monthly.
Total Salary : $1312.00 x 2 = $2,624.00
Current Savings : 2/3 or 0.67 = $15333.33
| Expenses |
Monthly Expenses : $1,150.12
Social Security : 6.2% or 0.062 x 2,624 = $162.69
Medicare : 1.45 or 0.0145 x 2,624 = $38.05
Taxes: $53 + $101.35 = 154.35 x 2 = $308.7
So we sum up all the expenses.
= $1659.56 Total Expenses.
Now we have to find how much extra money we have each month.
= $964.44 Extra Money
Now we subtract our current savings to the total price of the car.
= -7666.67 Balance
Now we divide the total balance to our extra money monthly.
= 7.949 Months or 8 Months
